ok Here is a good one

Wow...this is a first.

Ok. So I called a friend of mine that owns a few large dealerships. This is what he said.

I'm not sure about SOL.

Your friend cannot be charged for theft. The collection agency cannot repo the vehicle. The only company that can repo the car is the lender that is listed on title. Since the lender has charged the debt off and transferred it to a collection agency it will probably not get repoed.

The only downside is that he will never be able to transfer title on it because it will always have a lien on it. If it gets transferred then of course the lien holder will be contacted for payoff.

I hope that helps.

So I can tell him he is safe from it getting repo'ed, and safe from any kind of theft charge, but if he want to sell it then he is SOL. (and not the SOL we talk about here, the out of luck SOL) LOL. But for him to get the title he would have to contact the CA and find out the payoff is right? So then if he wanted to get the title for a trade in or so he can sell it or junk it, and he contacted the CA would that start the SOL over again? Would it be wise for him to contact them with an offer and say that the offer is good only if they do not add a tradeline into any of his CR's?

I would say your friend is pretty safe from having it repoed. Here's the thing, it would be hard for your friend to settle this account. Chances are, with interest, fees, and everything he probably owes more than the original loan. The CA has leverage in this case. If they wanted to be jerks, they could contact the OC and have it repoed. He really doesn't have much room for negotiation.

He's kinda stuck. He's in a rut if he actually pays it. I hate advising anyone to not pay a debt but in this case I would advise him to just let it go. Keep disputing his credit report until it comes off.

Quote:

lol...Pretty much.

i know in the auto loan buisness after an account charges off the vehicle is out for repo until either the account is paid in full or it acually gets repo'd. i'm not totally sure about this situation, i would say it depends on the original finance company and the balance on the loan. but i wouldnt say no its not in jeopardy of getting repo'd.

He is not in jeopardy of getting repo'd. Midland will send him a settlement offer soon enough. All agencies do. 90% of their revenue comes from settlements. They cant charge him for theft as he didnt steal it. They would be like charging people for theft because they didnt pay their house and it got forclosed. Honestly what I would do is contact Midland and do not veriify any current information then see what they will settle for. Because they will settle.

The only thing outside of settling is that they may 1099 him for the difference which is really nothing.